London, UK, August 4, 2021 - Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), and the Public Sector Pension Investment Board (‘PSP Investments’), one of Canada's largest pension investment managers, have announced the acquisition of the ‘Hoxton Campus’, which consists of four offices located around Hoxton Square in the Shoreditch area of London, N1.
Hoxton Square sits at the east end of London’s Tech City, the most established tech cluster in Europe, and a London sub-market that Aviva Investors believes is likely to experience strong future demand for office space given its scale and ability to attract and nurture talent in the era of knowledge capitalism.
The four office buildings included in the transaction together represent 55,974 sq ft (5,200 sq m) of lettable office space, creating a ‘campus’ of complementary assets. Floor space ranges from 1,105 sq ft to 5,276 sq ft, with two-thirds of the net internal area having been subject to complete redevelopment behind the retained facades, and the remaining accommodation significantly refurbished. Three of the acquired assets sit directly on Hoxton Square with the fourth located on Old Street.
The deal represents the fifth investment that Aviva Investors and PSP Investments have made together since 2015, originally investing in a portfolio of commercial properties in central London. In 2019, Aviva Investors and PSP Investments announced the intention to invest up to £250 million in commercial property across the CB1 Estate of Cambridge, a master-planned sustainable, mixed-use development spanning 26 acres in the Station Road area of the city.
Last year Aviva Investors and PSP Investments extended their relationship into continental Europe by acquiring Galleri K, a mixed-use retail, leisure and office asset located in the centre of Copenhagen’s retail district. Copenhagen is one of 12 European hubs Aviva Investors expects to thrive as a ‘city of the future’ due to its pool of talent, culture and connectivity, combined with a highly-developed approach to sustainable living.
Daniel McHugh, CIO, Real Assets, at Aviva Investors, said:
“Our partnership with PSP Investments continues to go from strength to strength and we are delighted to expand the relationship further into an exciting and dynamic subset of the London market. London continues to represent the richest market of workers employed in knowledge-intensive sectors, with the tech cluster being of significant scale and importance in the global market.”
Stéphane Jalbert, Managing Director, Real Estate Investments - Europe and Asia Pacific, PSP Investments, said:
“Building on our existing partnership with Aviva, PSP Investments is continuing its strategy of investing in dynamic markets while ensuring best-in-class sustainability standards. Hoxton is one of the most creative hubs in London, as well as an important centre of technology which we believe will outperform in the long term.”
George Fraser-Harding, Fund Manager at Aviva Investors, said:
“Despite the challenging environment faced over the last 12 months, we expect London to be a stand-out performer relative to other global knowledge hubs, given its talent pool, connectivity, corporate clusters and scalability. This particular sub-market should fair especially well with a dynamic occupier base beginning to return to offices. These buildings are well-located and offer the quality and character of space that we’re seeing significant demand from tenants for, positioning them well to deliver long-term growth and, ultimately, positive performance within our portfolio.”
For more information contact:
Briana Wilson
Prosek Partners
917-979-4563
Victoria Howley
Aviva Investors
+44-207-809-8791
Victoria.howley@avivainvestors.com
AVIVA INVESTORS
Aviva Investors Canada (AIC) is the Canadian member of a group of internationally affiliated investment advisers collectively referred to as Aviva Investors. Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Continental Europe, North America and the United Kingdom with assets under management of over £365 billion ($499 billion USD, $632 billion CAD) globally as of December 31, 2020.
Notes to Editors and Important Information:
The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice.
The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media.
Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as of August 4, 2021. Unless stated otherwise any views, opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. Past performance does not indicate future results.
Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority.
Aviva Investors Canada, Inc. is located in Toronto and is based within the North American region of the global organization of affiliated asset management businesses operating under the Aviva Investors name. AIC is registered as an exempt market dealer and portfolio manager in each province of Canada and as a commodity trading manager in Ontario.